FCA wins 5-6 year sentences for £1.5m cold-calling crypto scammers

The regulator has successfully prosecuted two men who have together been sentenced to over 11 years in prison for their roles in a £1.5 million crypto fraud. The pair cold-called and sold fake investments to at least 65 people between February 2017 and June 2019.

By Neasa MacErlean

Patrick Mavanga, aged 40 of Peckham, was sentenced to five years and eight months for conspiracy to commit fraud, followed by six months of a previous suspended sentence, plus an additional four months for conspiracy to breach the general prohibition (for unauthorised or exempt individuals to carry out regulated activities) under the Financial Services and Markets Act 2000. This totals six years and two months. Running concurrently are two other sentences - two months for possession of false identification documents with an improper intent; and nine months for perverting the course of justice.